The Senate is investigating the unfair N500 billion disbursement by the Development Bank of Nigeria

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The Nigerian Senate has set up a committee to investigate the uneven disbursement of N500 billion made by the Development Bank of Nigeria (DBN) to six geopolitical zones.

This is exposed on Wednesday following the motion of Senator Mohammed Ndume (APC-Borno) and seconded by Senator Ibrahim Bomai (APC Yobe South) during the plenary.

The Senate said Lagos was the major beneficiary with 47% of the total loan while the entire northern region got 11%.

The committee will be led by Sen. Sani Musa, chairman, Senate Committee on Banking, Insurance and other Financial Institutions, and was given two weeks to report back to the Senate.

The Senate has urged Nigeria’s Development Bank to ensure equitable loan disbursement in all the six geographical zones of the country.

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Recipient sectors: Senator Ndume disclosed that the top five sectors considered for the loan are Oil and Gas (42.0 percent), manufacturing (16.0%), agriculture, forestry and fishing (7.2%), trade and commerce (6.3%). , and transportation and storage ( 3.5%).

  • “The bank’s Annual Integrated Statutory Report 2021 obtained on July 13 from the organization’s website shows that the bank was able to disburse a loan amounting to N483, 000, 000, of which only 11% went to the 19 states in northern Nigeria while 47% went to Lagos alone” he added.


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